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Forums » Seeking Financing, Money, or Loans » Looking for possible investor for REO - willing to hold morgage

Looking for possible investor for REO - willing to hold morgage Subscribe to Looking for possible investor for REO - willing to hold morgage

5 posts by 5 users

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Trish Saunders

Real Estate Investor · Eden, Maryland


Forum_avatar_avatar-windrider1967

Icon_minipost Nov 04 '09, 12:17 AM

I hope this post is appropriate - if not I apologize in advance. I am a new investor - without the credit to be able to obtain a morgage for my first home. I have been looking at deals to assign, contacted several homeowners and am negotiating with a few. In the process of looking I found a perfect REO for myself and my family asking price 49 on an assessed value of 112. The only problem is I don't have the funds, credit etc to purchase this home. Are there any investors out there that do buy and holds and finance a owner held morgage on the property. If so I would love to hear from you. Or if anyone has any tips on how I might be able to fund this transaction?

Edited: 06/26/2010 at 10:22AM


Jesse R

Rehabber · El Paso, Texas


Forum_avatar_avatar-ipersevere

Icon_minipost Nov 04 '09, 12:43 AM

My suggestion is that you contact an investor in the area and explain to them your situation.
They might be willing to buy and owner finance to you.

Edited: 06/26/2010 at 10:22AM


Perry Coile


Forum_avatar_avatar-financecenter

Icon_minipost Nov 04 '09, 11:08 AM

I have been in a similar position before and i was advice to get an investment loan. you should try it out, just in case you can pm and i will give you the information's.

Edited: 06/26/2010 at 10:23AM


Chris Martin

Real Estate Investor · Holly Springs, North Carolina


Forum_avatar_avatar-wakeproperties
Pro Basic

Icon_minipost May 31 '10, 01:44 AM

Make sure you know the "real" value of the property. The assessed value is not necessarily the market value. I have seen quite a few novice investors overestimate value and end up with a bad deal.

Edited: 06/26/2010 at 01:01PM


Bill Gulley

Real Estate Investor · Springfield, Missouri


Forum_avatar_avatar-financexaminer

Icon_minipost May 31 '10, 01:57 AM

First, thank you Chris for understanding that a property is not worth what it is preceived to be, but rather what it sells for!

Trish, Jesse has the quickest solution I would think. Find a buyer for the property and you take a lease-option. If you can'tget that done by the end of July, lease the property and do an open ended sale contrcat that can be renewed. Just make payments to the purchase price to extend your contract until closing. Bill

Edited: 06/26/2010 at 01:01PM


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